Georgia Capital PLC · LSE:CGEO
Georgia Capital — Q1 2026 Earnings Presentation
44 slides from Georgia Capital's earnings presentation, Apr 28, 2026
Slide 1: 1Q26 Results Call Presentation
1Q26 RESULTS CALL PRESENTATION 28 APRIL 2026
Slide 2: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 2
Slide 3: Key Developments
NAV per share was flat at GEL 154.82 in GEL terms and increased by 2.1% q-o-q in GBP terms in 1Q26, 1 reflecting strong value creation across the large private portfolio companies, partially offset by slight decrease in Lion Finance Group’s share price during the quarter 2 NAV per share up by 9.2% Y
Slide 4: Resilient Macroeconomic Performance Despite Uncertainties
RESILIENT MACROECONOMIC PERFORMANCE DESPITE UNCERTAINTIES GEORGIA’S ECONOMY STARTED 2026 WITH STRONG MOMENTUM, POSTING 8.4% GDP THE CURRENT ACCOUNT DEFICIT NARROWING TO A HISTORIC LOW OF -2.6% OF GDP IN 2025, GROWTH IN 2M26 PRIMARILY DRIVEN BY STRONG GROWTH IN SERVICES SECTORS Nominal GDP, GEL bln (
Slide 5: NAV per Share (GEL) Movement in 1Q26
NAV PER SHARE (GEL) MOVEMENT IN 1Q26 NAV PER SHARE (GEL) PRIVATE LARGE PORTFOLIO FLAT, UP 0.1% Q-O-Q -0.6% +2.9% -0.9% -0.5% +0.3% -0.3% -0.9% +_0.1% +9.1% +9.2% TO GEL 154.82 IN 1Q26 168.92 154.68 154.82 ▪ The increase reflects strong value creation across the large private portfolio companies, par
Slide 6: Strong NAV per Share Growth
STRONG NAV PER SHARE GROWTH AS OF 31 MARCH 2026, FIVE-YEAR NAV PER NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW SHARE CAGR STOOD AT 27.0%, 33.1% AND CAGR since the demerger: 18.8% 34.2% IN GEL, US$ AND GBP TERMS, Five-year CAGR: 27.0% RESPECTIVELY Three-year CAGR: 31.7% AS OF 31 MARCH 2026, THREE-YEAR N
Slide 7: NAV per Share Discount Development Overview
NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW DESPITE STRONG RECENT TRADING PERFORMANCE, THE PRIVATE PORTFOLIO NAV PER SHARE DISCOUNT REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +18.0% CAGR 66.6% 63.7% 63.3% 62.4% 60.2% 59.0% 59.2% 57.6% 58.0% 57.8% 55.7% 55.8% 52.8% 50.0% 51.2% 49.9% 4
Slide 8: Progress on the GEL 700 Million Capital Return Programme
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME ✓ AS OF APR-26, GCAP HAS ALREADY DEPLOYED APPROXIMATELY GEL 550 MILLION IN AUGUST 2025, WE ANNOUNCED THE UNDER THE GEL 700 MILLION CAPITAL-RETURN PROGRAMME LAUNCH OF A NEW 700 MILLION CAPITAL RETURN PROGRAMME, SCHEDULED TO BE IMPLEMENTED THROU
Slide 9: Share Buyback and Cancellation Programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 16.3 MILLION SHARES (US$ 268 ➢ The gross number of issued shares, including those held by the management trust, is now below MILLION IN VALUE) REPURCHASED the share count at the time of the demer
Slide 10: Net Capital Commitment (NCC) Overview: Q-o-Q
NET CAPITAL COMMITMENT (NCC) OVERVIEW DRIVERS OF Q-O-Q CHANGE IN NCC NCC RATIO UP BY 1.6 PPTS Q-O-Q AS OF 31-MAR-26 UPDATED OVER THE CYCLE TARGET OF 10% ➢ The increase primarily reflects the launch of the new US$ 50 million share buyback and cancellation programme in February 2026 ➢ Subsequent to 1Q
Slide 11: Net Capital Commitment (NCC) Overview: Y-o-Y
NET CAPITAL COMMITMENT (NCC) OVERVIEW DRIVERS OF Y-O-Y CHANGE IN NCC NCC RATIO IMPROVED BY 9.6 PPTS Y-O-Y AS OF 31-MAR-26 Redemption of US$ 100 million local holding bonds ➢ Significant net debt reduction supported by strong cash flow generation and the continued 12.8% growth in portfolio value led
Slide 12: NCC Ratio Development Overview
NCC RATIO DEVELOPMENT OVERVIEW NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS 385.8 AT THE GCAP HOLDCO LEVEL 365.9 345.7 42.5% 39.8% 250.1 213.6 31.9% 171.3 21.1% 73.6 15.6% 42.8 12.8% +1.6 ppts 10.0% 3.9% 2.3% 31-Dec-
Slide 13: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 13
Slide 14: Aggregated Revenue and EBITDA Development Across Large Private Portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 1,859 266 1,642 213 73 GEL MILLION GEL MILLION 57 489 430 +13.7% +13.2% +26.9% +25.0% 1Q25 1Q26 LTM 31-Mar-25 LTM 31-Mar-26 1Q25 1Q26 LTM 31-Mar-25 LTM 31-Mar-26 14
Slide 15: Aggregated Cash Balance & Net Operating Cash Flow Development
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 258 252 237 238 222 GEL MILLION GEL MILLION -5.5% 56 43 +0.5% +29.8% +16.1% 1Q25 1Q26 LTM 31-Mar-25 LTM 31-Mar-26 31-Mar-25 31-Dec-25 31-Mar-26 15
Slide 16: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 16
Slide 17: Retail (Pharmacy) Business Performance Overview
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW REVENUE DEVELOPMENT3 AVERAGE BILL SIZE (GEL)3 GEORGIA’S LARGEST RETAILER IN TERMS Gross Profit Margin OF REVENUE WITH 34% MARKET SHARE 32.3% 34.0% SAME STORE REVENUE +8.3% +11.0% GROWTH IN 1Q26 IN ORGANISED RETAIL MARKET1 24.5 226 +6.7% 244 22.1 4.5% 3
Slide 18: Retail (Pharmacy) Business Performance Overview (Cont'd)
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW (CONT’D) EBITDA OPERATING CASH FLOW ADJUSTED NET DEBT TO LTM EBITDA1 EBITDA margin EBITDA to cash conversion 10.7% 11.9% 115.0% 114.0% +19.4% 8.0 +20.5% 150.5 7.0 33 136.7 131.0 130.3 128.3 29 6.0 28 GEL MILLION 24 102.5 5.0 4.0 3.0 1.9x 1.5x 1.4x 1.3x
Slide 19: Retail (Pharmacy) Business Key Considerations
1 STRONG TOP-LINE PERFORMANCE SUPPORTED BY 4.5% SAME-STORE REVENUE GROWTH IN 1Q26 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN 2 PRODUCT PORTFOLIO AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT AND EBIT
Slide 20: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 20
Slide 21: Healthcare Services Business Overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 +13.9% +15.6% HEALTHCARE BUSINESS PORTFOLIO 131 115 MARCH 2026 71 30.0 27 64 23 25.0 GEL MILLION 37 16 1 20.0 15.0 Hospitals Polyclinics Laboratory 61 10.0 52 5.0 - 1Q25 1Q26 1Q25 1Q26 1Q26 KEY HIGHLIGHTS: Outpatient Inpatient WC/Revenue, % 2
Slide 22: Healthcare Services Business Performance Overview: Hospitals
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESS NET REVENUE EBITDA margin (excl. IFRS 16) EBITDA1 19.0% 18.6% KEY HIGHLIGHTS: +14.2% 19.0% +11.9% 18.6% ✓ Remarkable revenue growth of c.14% in 1Q26, 120.0 108 120.0 +11.9% 20 mostly driven by outpatient services, which 95 18 GEL M
Slide 23: Healthcare Services Performance Overview: Clinics & Diagnostics
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS +13.9% EBITDA margin (excl. IFRS 16) 23.1% 26.0% 1Q26 KEY HIGHLIGHTS: 30.0 26 23 +28.4% 25.0 ✓ Number of tests performed in our diagnostics 8.0 7 GEL MILLION 20.0 business increased by 3.3% y-o-y ✓ N
Slide 24: Healthcare Services Business Key Considerations
1 EXPANDED MEDICAL INFRASTRUCTURE, STRENGTHENED CLINICAL TEAMS AND LEADERSHIP, AND ADDED NEW SERVICES ACROSS SEVERAL REGIONS IN GEORGIA 2 DELIVERED 14% Y-O-Y TOP-LINE GROWTH IN 1Q26 HEALTHCARE SERVICES BUSINESS KEY CONSIDERATIONS 3 EBITDA GROWTH COMPRISED 16%, WITH EBITDA MARGIN IMPROVING BY 0.3 PPT
Slide 25: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 25
Slide 26: Insurance Business Overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +27% PROPERTY AND CASUALTY (P&C) 114 UNDER THE BRAND NAME “ALDAGI” 89 GEL MILLION 71 52 43 MEDICAL 38 UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” 1Q25 1Q26 1Q-25 1Q-26 P&C Medical KEY OPERATING HIGHLIGHTS P
Slide 27: Insurance Business Overview – P&C Insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE ALDAGI IS A LEADING PLAYER IN PROPERTY INSURANCE REVENUE AND CASUALTY INSURANCE +13% P&C MARKET SHARES | FY25 GROSS PREMIUMS WRITTEN GEL MILLION P&C P&CBusiness Business 268 34% TBC Insurance 190 24% 38 43 Vienna Insurance Group 150 19% Global Benefits Geo
Slide 28: Insurance Business Overview – Medical Insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE 1 MEDICAL INSURANCE MARKET SHARE | FY25 GROSS PREMIUMS WRITTEN INSURANCE REVENUE PRE-TAX PROFIT & ROAE ROAE 16.2% 47.7% Medical Insurance Medical Insurane Business 200 34% Business +189% +37% Vienna Insurance Group 178 30% GEL MILLION TBC Insurance 61
Slide 29: Insurance Business Key Considerations
1 ROBUST PROFIT GROWTH OF 70% AND ROAE IMPROVEMENT TO 32% IN P&C INSURANCE AND 48% IN MEDICAL INSURANCE IN 1Q26 RETAIL HEALTH EXPANSION TO 16,000 INSUREDS, DRIVING A GEL 2.8 MILLION PREMIUM 2 INCREASE IN 1Q26 (UP 77.0% Y-O-Y) INSURANCE TARIFF ADJUSTMENTS AND PORTFOLIO MIX OPTIMISATION SUPPORT SUSTAI
Slide 30: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 30
Slide 31: Portfolio Value as of 31-Mar-26
PORTFOLIO VALUE AS OF 31-MAR-26 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 96% IS OF OUR PORTFOLIO 47% GBP 92.8 18% MULTIPLE: 12% 10.1x 11% 9.5x 11% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.0x LTM EV/EBITDA2 LTM P/E LTM EV/EBITDA2 2,383 11% 550 47% GEL MILLION 923 PORTFOLI
Slide 32: Private Large Portfolio Implied Multiple Development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE 10.1x 10.3x 9.8x 9.9x 9.9x 10.1x 10.1x 9.5x 8.2x 8.2x 8.1x 8.0x 31-Mar-25 30-Sep-25 31-Dec-25 31-Mar-26 31-Mar-25 30-Sep-25 31-Dec-25 31-Mar-26 31-Mar-25 30-Sep-25 31-Dec-25 31-Mar-26 32
Slide 33: Portfolio Value Development in 1Q26
PORTFOLIO VALUE DEVELOPMENT IN 1Q26 PORTFOLIO DOWN BY 0.6% Q-O-Q TO GEL 5.0 BILLION IN 1Q26 5,075 100 5,045 (24) (106) PRIVATE PORTFOLIO VALUE CREATION IN 1Q26 PRIVATE PORTFOLIO VALUE CREATION GEL million LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION Retail (pharmacy) 52.0 DOWN BY 4.3% UP BY
Slide 34: Private Large Portfolio Valuation Overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE Impact +4.6% +3.1% -1.7% Impact +5.0% -3.4% -0.5% Impact +13.4% -0.3% -5.6% 40 27 923 870 (15) GEL MILLION 614 30 620 (21) (3) 71 569 528 (1) (29) Includes GEL 5.4m dividend Equity Value EBITDA Net debt FX & M
Slide 35: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 35
Slide 36: Liquidity Outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) Early redemption of US$ 100 LIQUIDITY DECREASED BY 4.4% Q-O-Q, DRIVEN BY: million local holding bonds ✓ SHARE BUYBACKS 300 300 365 365 300 150 150 50 50 ✓ COUPON PAYMENT ON THE REMAINING US$ 50 MILLION SUSTAINABI
Slide 37: Dividend Income Outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES Dividend income per share (GEL) GEL 39.6 MILLION RECURRING DIVIDEND INCOME IN 1Q26 -9.9%3 1.6 2.1 4.1 4.3 6.5 5.82 DIVIDEND INCOME 1Q26 226 (GEL million) Lion Finance Group 34.2 200+ of which, cash dividend 19.8 1 1 180
Slide 38: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 38
Slide 39: Outstanding Performance Across Our Portfolio
OUTSTANDING PERFORMANCE ACROSS OUR PORTFOLIO PERFORMANCE HIGHLIGHTS • NAV per share was flat at GEL 154.82 in GEL terms and increased by 2.1% q-o-q in GBP terms in 1Q26 ✓ • Subsequent to 1Q26, as of 27 April 2026, NAV per share (GEL) increased by 9.2% YTD to GEL 168.92 and by 9.6% YTD to GBP 46.50 i
Slide 40: Contents
CONTENTS 01 1Q26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 1Q26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 40
Slide 41: NAV per Share Decomposition as at 31 March 2026
NAV PER SHARE DECOMPOSITION AS AT 31 MARCH 2026 THE CURRENT SHARE PRICE LARGELY REFLECTS OUR LISTED PORTFOLIO, WHILE THE VALUE OF OUR PRIVATE ASSETS REMAINS MOSTLY OVERLOOKED VALUE PER SHARE AS AT 31 MARCH 2026 (GBP MILLION) VALUE (GBP) Discount: 16.2% Listed portfolio 667 20.0 Lion Finance Group 66
Slide 42: Update on PFIC Management
UPDATE ON PFIC MANAGEMENT LION FINANCE GROUP’S SHARES PER 100 GCAP SHARES AS DISCUSSED WITHIN 2Q25 RESULTS ANNOUNCEMENT, WE TOOK ACTIONS DURING 1Q26 TO PREVENT GCAP FROM BECOMING A PFIC UNDER US TAX RULES DUE TO A SIGNIFICANT INCREASE IN THE VALUE OF LION FINANCE GROUP PLC (“LFG”) SHARES 22.8 21.8 2
Slide 43: Valuation Peer Group
VALUATION PEER GROUP RETAIL HEALTHCARE P&C MEDICAL (PHARMACY) SERVICES INSURANCE INSURANCE • NEUCA S.A. | Poland • Medicover AB | Sweden • Zavarovalnica Triglav | Slovenia • Allianz SE | Germany • Sopharma Trading AD | Bulgaria • Med Life S.A. | Romania • Pozavarovalnica Sava | Slovenia • UNIQA Insu
Slide 44: Forward Looking Statements
FORWARD LOOKING STATEMENTS This announcement contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or int